Chart gallery
31 January, 2024
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Annual gold demand by sector, tonnes
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Outlook
Economic and geopolitical scenario expected to be investment-positive overall in 2024*
Economic and geopolitical scenario expected to be investment-positive overall in 2024* Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Sources: World Gold Council; Disclaimer
* Data to 31 December 2023. Fabrication combines global jewellery and technology demand. Investment includes ETFs, bar and coin and OTC demand. Supply includes mine production and recycling. We have omitted hedging and assume it to be unchanged.
Jewellery
Jewellery demand firm in the face of record gold prices*
Jewellery demand firm in the face of record gold prices
Annual gold jewellery demand, tonnes
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
India and China traded the top spot in 2023*
Chart 4: India and China traded the top spot in 2023* Top five countries’ annual gold jewellery demand, tonnes
Top five countries’ annual gold jewellery demand, tonnes
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Investment
Holdings of gold ETFs down 244t, led by Europe*
Holdings of gold ETFs down 244t, led by Europe
Annual change in gold-backed ETFs by region, tonnes
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
* Data as of 31 December 2023
Opposing West v East shifts in bar and coin investment*
Chart 6: Opposing West v East shifts in bar and coin investment*
Annual gold bar and coin demand by region, tonnes
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Germany dominated Europe’s steep decline*
Chart 7: Colossal central bank buying continued in 2023*
Top and bottom five y/y changes in bar and coin demand, tonnes
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Central Banks
Colossal central bank buying continued in 2023*
Chart 8: Colossal central bank buying continued in 2023
Annual and cumulative net gold demand from central banks, tonnes
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Reported central bank buying was broad-based
Reported central bank buying was broad-based
Annual net gold purchases/sales by country, tonnes
Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer
*Data to 31 December 2023 where available.
Technology
Despite Q4 recovery, technology demand slipped below 300t*
Despite Q4 recovery, technology demand slipped below 300t*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Supply
2023 mine production fell just short of the 2018 record*
2023 mine production fell just short of the 2018 record*
Annual gold mine production, tonnes
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
* Data as of 31 December 2023
Record gold price lifted recycling volumes*
Record gold price lifted recycling volumes*
Annual gold recycling volumes, tonnes, and the annual average gold price
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Regional variations in Q4’23 gold recycling*
Regional variations in Q4’23 gold recycling*
Changes in Q4’23 gold recycling volumes by region, tonnes
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
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